- A Hong Kong license plate that only has the letter ‘R’ was sold for $3.2 million on Sunday.
- The bid was at least 5,100 instances the reserve value and represented much more than 80% of the total raised at the auction.
- This is just not even a file high in the metropolis. A bid for the letter ‘W’ arrived in at $3.3 million in 2021.
To most, registering for a vehicle license plate is a swift and somewhat reasonably priced course of action.
But about in Hong Kong, a license plate that only has the letter “R” was marketed for about 25.5 million Hong Kong pounds, or $3.2 million, at a Lunar New Year auction organized by the Hong Kong Transportation Department on Sunday, according to an announcement by the agency.
The winning bid for the letter “R” was at the very least 5,100 periods the reserve rate of all around HK$5,000 and represented extra than 80% of the complete elevated at the auction on Sunday, the announcement demonstrates. About 49 license plate numbers ended up up for grabs throughout the auction.
The winning bidder did not answer to media inquiries at the auction corridor, the South China Early morning Post reported.
The information outlet additional reported that the license plate “R” was anticipated to net at the very least HK$10 million, citing registration plate sellers who spoke to the media right before the auction. The sellers attributed the significant sum to the association of the letter with racing autos and a selection viewed as to be blessed in Chinese fortune-telling, for each SCMP.
And Sunday’s winning bid is not even a record large in the town.
On Saturday, transportation secretary Lam Sai-hung shared the rankings of the most expensive license plates auctioned in Hong Kong, which showed that the registration of a license plate with the letter “W” was sold for $3.3 million in 2021. He added that the sale of customized automobile license plates had netted the governing administration practically $77 million due to the fact 2006.
The quest for a novelty automobile plate is not just constrained to Hong Kong. A exceptional California license plate with the letters “MM” was sold at $24.3 million in 2021, taking the major place for the most expensive license plate marketed in the world, in accordance to Luxe Electronic. A man in Dubai compensated $9 million for a self-importance plate, and another in the United Arab Emirates paid out $14.5 million.